Tyson Foods is open to the idea of more business acquisitions as it looks to expand its prepared foods business. Tyson Foods CEO Donnie Smith said during a quarterly earnings call on November 18 that the company has options to grow its business through acquisitions, if the acquisitions make good business sense.

"We absolutely have our eye on multiple ways to grow our prepared foods business. With our cash flow, it's obvious acquisitions are within our view. We did a couple of small acquisitions last year to try to fill in some gaps," said Smith, referring to Don Julio Foods and Circle Foods.

After reporting a strong financial results for the fourth quarter and fiscal year 2013,  Smith said Tyson Foods is in a position to be more aggressive with acquisitions, if it is a good fit.

However, Smith said the company is equally committed to its current operations and will be focused on making improvements to present facilities and business units.